Ever since Richard Branson announced that V Festival is over, rumours have been rife about who will take over the music event.

Fans were initially worried that the festival could be over after Virgin pulled out, but festival organisers Festival Republic quickly reassured them that it would continue, just under a different name.

Initially the organisers said music fans could expect an update in November, but that has come and gone and we are still none the wiser about the new event.

Essex Live became aware of a rumour that had begun to circulate in the last few days that NME could be taking over the festival. The music magazine is a widely-respected magazine which champions quality music and bands.

However, an official response from NME today (Monday December 11) has quashed the gossip.